Monday, Dec. 22, 2008
This was another week of Madoff madness -- the affair revolving around money manager Bernard Madoff, who allegedly lost investors around $50 billion -- and it started off with more names on the list of victims of the scam. Tremont Holdings, owned jointly by Oppenheimer Funds and Massachusetts Mutual Life Insurance, revealed exposure, as did Access International Advisors and Ascot Partners.
FOX Business had an exclusive interviewwith the president of the United Auto Workers union, Ron Gettelfinger. He complained that workers were being unfairly singled out in the deal that was worked out between the Bush Administration and Chrysler and General Motors (GM) to supply the auto makers with life-saving loans. The UAW said it would try to renegotiate under Obama next year. Workers, under this deal, would face pay cuts to put their wages more on par with those working at foreign competitors’ factories in the U.S.
However, one of those competitors, Toyota (TM), is having trouble of its own. For the first time ever the vehicle manufacturer is projecting an operating loss for the fiscal year. With global demand down and a jump in the value of the Japanese yen, Toyota is forecasting a $1.66 billion loss.
Not wanting to miss out on all the bailout action, the commercial real estate industry is now looking for a handout, according to a Wall Street Journal report. Thousands of commercial properties are at risk of foreclosure right now and developers are looking for their own government bailout.
UAW's Gettelfinger: Others Must Step in
FOXBusiness.com’s Week in Review: Dec. 15-19, 2008
This Won’t Be the Last Loan
UAW agrees to make sacrifices
